Exhibit 23





                          INDEPENDENT AUDITORS' CONSENT
                          -----------------------------






THE BOARD OF DIRECTORS
CAPITAL ASSOCIATES, INC.:


We consent to incorporation by reference in the registration  statements on Form
S-8 (No.  33-59570  and No. 33- 68514)  and Form S-3 (No.  33-65059)  of Capital
Associates,   Inc.  of  our  reports  dated  July  14,  1998,  relating  to  the
consolidated  balance sheets of Capital Associates,  Inc. and subsidiaries as of
May 31,  1998 and 1997,  and the  related  consolidated  statements  of  income,
changes  in  stockholders'  equity,  and cash flows for each of the years in the
three- year period ended May 31, 1998, and the related  schedule,  which reports
appear in the May 31,  1998  Annual  Report on Form 10-K of Capital  Associates,
Inc.





                                           KPMG Peat Marwick LLP

                                           /s/KPMG Peat Marwick LLP
                                           -------------------------

Denver, Colorado
July 22, 1998